Is it safe to close my OpenSky CC after getting an unsecured CC?

[Anonymous]

Hello, 

In March 2018 I opened an OpenSky secured CC with a $200 limit and Fingerhut Freshstart $144 account.

I have an auto loan that is 8 months old, that I just refinanced in April 2018 with NFCU. 

NFCU approved me in April 2018 for a $3,200 unsecured CC. 

Am I safe to close my Opensky card? I only opened it to build credit, and was going to get a NFCU secured, but decided to app on the NFCU CashRewards, and was surprisingly approved as my credit scores are low- they pulled and approved on a Transunion 583. 

I do not need the Opensky card anymore, it's not really a utilization helper as I will be keeping my NFCU card utilization low.

It was only opened one month prior to my NFCU CC, and I am not looking to app for anything else for the next year. My student loans are in the rehabilitation stage- to be completed in August 2018. 

Thoughts? 

[pipeguy]

I know that card is a "sub-prime" rebuilder, so there is no need for it IMO - however, if there are no fees or added on other costs (aka Credit One) I'd probably keep it open for 1 year - if there are fees close it.

[Anonymous]

I used to have this card.   I actually used it to rebuild back in 2015.  If I recall correctly, there is a annual fee on the card.  I would actually keep it open until just before they charge the annual fee again.  To me, might as well continue to demonstrate good history etc with it if you've already paid the fee for the year since it is non-refundable. 

[Ardecko]

The information we have indicates that card is possibly continuing 5-15 points towards your current score. Closing it would cost you those points.

Keep it until the annual fee is due, as mentioned before.

When that time comes, your score should have come up enough to get you a (if only slightly) better card to replace it. You shouldn't need to do anything else between now and then except make sure you keep all the bills paid.

[pipeguy]

I don't believe closing it will cost you any points on your credit score, especially since your score is below 600 and you have the NCFU new card for utility purposes. All your cards are new-new (60 days or less) so any ding on AAoA won't matter if you close it (it'll stay on your report for 7 years.

If this card has an annual fee and you paid in advance for it, wait until month 10 and close it then. I say this because sub-prime (I usually refer to them as vulture cards) cards typically make it hard to close them (they waive the fee for a while, offer you a higher limit at no charge, but they'll also hold your close back until after you owe another annual fee). 

If you are paying a monthly fee, close it yesterday....